Takeover target Hastings Diversified Utilities Fund (ASX:HDF) has responded to APA Group’s (ASX:APA) sweetened cash-and-scrip takeover announced yesterday.
APA’s offer comes with an implied value $2.56. Hastings is also being pursued by Pipeline Partners Australia who is offering $2.325 cash per share.
Hastings says it has not, at this time, changed or withdrawn its recommendation of the Pipeline Partners Australia offer.
However, Hastings says Pipeline Partners Australia has until midnight next Tuesday (August 14, 2012), to either provide an equivalent or superior bid to APA’s revised offer.
Hastings Diversified reported net loss of $29.9 million in the 2011 financial year.
HDF Price at posting:
$2.56 Sentiment: None Disclosure: Held
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